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09-21-2009, 02:09 PM #1
Renter
- Join Date
- Sep 2009
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Current information regarding home buying
Hello-
We live in Los Angeles county. I have a couple of questions and would appreciate it much if someone can answer these for me.
1. Tax Rebates. I was under the impression that there's a $8,000.00 Federal tax rebates for first time home buyers. But then I started hearing that the Stimulus Bill signed February 2009 actually raised this amount to $15,000.00. So started surfing the internet and while this information is substantiated to be true, the articles and pages I got these from where dated prior to the pasing of the bill.
Is the tax rebate for home purchase $8,000.00 or $15,000.00? I understood that the $8,000.00 rebate have a shelf life of November 31, 2008 - and according to those sources I read, the $15,000.00 ends one year AFTER the signing of the Stim Bill. Which one is actually in effect?
2. Conforming Loan amount: I came to understand that the amount for conforming loan is $417,000.00 (generally, FHA w/ a 3.5% DP). However, I also came to understand that because of varying living and pricing regional differences, there are areas actually afforded a higer rate of conforming loan amount to adjust to the higher market. Is the conforming loan amount of Los Angeles county $625,000.00 or is it $417,000.00?
Thank you.
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09-22-2009, 05:40 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
I have not heard about the $15,000 tax break. The only one out there is the $8,000 first time home buyer credit.
You will need to talk to a lender in the area of LA you are looking to see what the conforming ratios are.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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